Key Insights
- •Solana price reclaimed the $200 level after a sharp recovery that caught short-traders off guard and liquidated $47 million in short positions.
- •A top analyst claims the price movement eyes a rebound to $230 amid the liquidation of approximately $47 million short positions.
- •A major target for the bulls is testing the range between $275 and $290, but this will only happen if the price action can break above $205.
Latest crypto news shows that Solana price is attempting to break out of $200 and rebound between $230 and $290.
This price action comes after a 6.2% weekly price gain that saw SOL move from $174 on October 22 to today’s daily high of $205.
A top analyst claims the price movement eyes a rebound to $230 amid the liquidation of approximately $47 million short positions.
Meanwhile, capital flows into Solana have slowed ahead of the upcoming U.S. ETF launches.
Recent data showed just $29.4 million in new inflows, a sharp pullback from early October’s record week of $706.5 million.
Solana Price Prediction Eyes Rebound To $230
Solana reclaimed the $200 level after a sharp recovery that caught short-traders off-guard, leading to total liquidations of more than $47 million in $SOL short positions.
Meanwhile, the cryptocurrency is now trading within an ascending channel that formed in May. It is worth noting that every major dip has found support near the lower boundary.
On the other hand, price rallies have consistently tested the upper trendline.
This structure suggests strong technical discipline in the market, with buyers stepping in at predictable zones. Currently, $SOL is consolidating near mid-channel support, around the $190–$200 range.
A major target for the bulls is testing the range between $275 and $290, but this will only happen if the price action can break above $205.
However, buyers need to step up their game and prevent the price from retesting the $185 region.
SOL Bulls Liquidate $47 Million in Short Positions
Aggressive buying over the last few days saw Solana price skyrocket to $205, resulting in the liquidation of short positions valued at $47 million.
Fresh signs of institutional interest are driving Solana’s latest move amid steady inflows into the REX-Osprey Solana + Staking ETF, which now controls over $400 million.
In addition, Fidelity’s new custody and trading support is giving the asset a stronger layer of credibility among traditional investors.
Even so, not all signals are clear-cut.
As per on-chain insights, sellers seem to be taking profit near the daily high, causing a slight increase in volatility.
However, the fundamentals for the Solana network are strong thanks to rising stablecoin activity and the recently successful Alpenglow upgrade.
Solana Price Outlook
Solana regained its footing above the $200 mark to form a tight cluster of higher lows that signals renewed strength.
Intraday trading has shown a clear range, with prices touching a high near $205 and dipping to around $199.
Traders noted that volume has been rising steadily this week, and according to top market analyst BitBull, Solana is still holding its 3-year support trendline.
The main goal for buyers right now is to defend the $200 level and flip it into support. They are also eyeing a breach of resistance around $205 and pushing the price further towards $210 and $215.
The bulls are aiming to close a daily candle above that range with strong volume, with eyes on the $230–$235 price range.
If BitBull’s projection plays out, the most important level for SOL to test is $280, and a weekly close past this level could trigger a massive rally to $400.